It feels like spring all over again, with refinance applications surging, according to the Mortgage Bankers Association latest weekly survey.
Mortgage loan applications increased 17 percent on a seasonally adjusted basis (15.8 percent unadjusted) for the week ending September 4, and were up 64.5 percent compared to a year ago.
The weekly jump was largely led by a 22.5 percent increase in refinance activity, though purchases also saw a 9.5 percent gain.
It was the largest weekly gain since early April, putting the index at its highest point since the first week of January.
The refinance share of mortgage activity increased to 59.8 percent of total apps from 56.5 percent a week earlier, about 20 percent below its peak during the previous refi boom when mortgage rates hit record lows.
Meanwhile, the classic 30-year fixed approached the four percent mark, falling to 5.02 percent from 5.15 percent a week earlier.
The 15-year fixed also made its way toward record ground, slipping to 4.45 percent from 4.57 percent.
The less favorable one-year adjustable-rate mortgage dipped two basis points to 6.69 percent, but the ARM-share of apps still increased to 5.8 percent from 5.6 percent a week prior.
The MBA’s weekly survey covers roughly half of all retail, residential mortgage applications, but does not factor out duplicate or declined apps.
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